Fanboys of cryptocurrency insist it’s wonderful because it’s anonymous and egalitarian. In truth, inequality comes baked right in. The average person doesn’t have the technology or internet speeds to manage the crypto market’s 317 gigabyte ledger. Just like other currencies, the ledger of transactions would wind up in the hands of a few elite groups who also happen to moderate and dominate the exchanges. To me, that sounds a lot like… Wall Street.
Fanboys of cryptocurrencies insist that they can’t be hacked or stolen, but they most certainly can. Fraud and theft happen on the crypto market all the time. In 2019, there was $4 billion lost in crypto theft.
Tracking down thieves and recovering losses is hard. You can’t exactly report it to the FBI. While they do investigate crypto crimes, it’s only under certain circumstances. Most of the time, you have to hire a private firm and get a lawyer all by yourself. If you can’t do that, you’re screwed.
Fanboys of cryptocurrency insist that bitcoin and ethereum will only rise in value over the coming years. They say anyone who doesn’t invest right now risks missing out on a fortune. In reality, bitcoin is just like any other currency. Its value lies purely in perception and predictions. It’s not a car or a house. It’s not any kind of physical object that can actually be used for a practical purpose. If the only way someone can encourage you to invest in something is psychological manipulation, that’s a bad sign.
Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction